MOI Global | The Membership Community of Intelligent Investors

Ep. 44: Aggregation of Marginal Gains | A Study of Lifetime Value Creation

June 8, 2021 in Audio, Podcast, This Week in Intelligent Investing

It’s a pleasure to share with you Season 1 Episode 44 of This Week in Intelligent Investing, co-hosted by

  • Phil Ordway of Anabatic Investment Partners in Chicago, Illinois;
  • Elliot Turner of RGA Investment Advisors in Stamford, Connecticut; and
  • John Mihaljevic of MOI Global in Zurich, Switzerland.

Enjoy the conversation!

download audio recording

In this episode, Phil Ordway, Elliot Turner, and John Mihaljevic discuss

  • the concept of “aggregation of marginal gains” and related examples; and
  • an academic study of lifetime value creation in the stock market.

Follow Up

Would you like to get in touch?

Follow This Week in Intelligent Investing on Twitter.

Engage on Twitter with Elliot, Phil, or John.

Connect on LinkedIn with Elliot, Phil, or John.

This Week in Intelligent Investing is available on Amazon Podcasts, Apple Podcasts, Google Podcasts, Pandora, Podbean, Spotify, Stitcher, TuneIn, and YouTube.

If you missed any past episodes, you can listen to them here.

About the Podcast Co-Hosts

Philip Ordway is Managing Principal and Portfolio Manager of Anabatic Fund, L.P. Previously, Philip was a partner at Chicago Fundamental Investment Partners (CFIP). At CFIP, which he joined in 2007, Philip was responsible for investments across the capital structure in various industries. Prior to joining CFIP, Philip was an analyst in structured corporate finance with Citigroup Global Markets, Inc. from 2002 to 2005. Philip earned his B.S. in Education & Social Policy and Economics from Northwestern University in 2002 and his M.B.A. from the Kellogg School of Management at Northwestern University in 2007, where he now serves as an Adjunct Professor in the Finance Department.

Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy.

John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.

The content of this podcast is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this podcast. The podcast participants and their affiliates may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this podcast. [dkpdf-remove]
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Marc Rubinstein on India’s Largest Fintech and the Concept of Pivoting

June 8, 2021 in Audio, Commentary, Equities, Financials, Gain Industry Insights Podcast, Interviews, Member Podcasts, Net Interest

We had the pleasure of speaking with Marc Rubinstein, author of Net Interest, a financial sector newsletter, about his essay, Paytm from Idea to IPO.

Marc writes:

Ten years ago, the idea of the pivot was popularised by Eric Ries through his book, The Lean Startup. Ries recognised that startups frequently need to shift strategy before they find success. In some cases, the capacity to pivot is retained inside a company’s DNA as it grows, helping the company to evolve with changing conditions. A good example of this is Netflix, whose founder wrote his own book on the subject, No Rules Rules: Netflix and the Culture of Reinvention.

I don’t know whether he’s read either of these books, but Vijay Shekhar Sharma reflects these ideas in his company, Paytm and its holding company, One97. His company is now over twenty years old, but it has shifted direction multiple times – from phone services to marketing to mobile phone top-ups to payments to e-commerce to full-scale financial services. Along the way, it’s attracted funding from Ant Group, Softbank and Warren Buffett. Today, Paytm is the largest fintech in India, readying itself for an IPO, expected to launch over the next few months.

Sharma hasn’t written a book of his own – and has no plans to – but he has written 36,000 tweets that chronicle the growth of Paytm. In order to get a handle on his company ahead of its IPO, let’s look through them.

Read on or listen to our conversation (recorded on June 7, 2021):

download audio read article

This conversation is available as an episode of Gain Industry Insights, a member podcast of MOI Global. (Learn how to access member podcasts.)

About This Audio Series:

MOI Global is delighted to engage in illuminating conversations on the financial sector with Marc Rubinstein, whose Net Interest newsletter we have found to be truly exceptional. Our goal is to bring you Marc’s insights into financial services businesses and trends on a regular basis, with Marc’s weekly essays serving as inspiration for our discussions.

About Marc Rubinstein:

Marc is a fellow MOI Global member, managing partner of Fordington Advisors, and author of Net Interest. He is a former analyst and hedge fund manager, most recently at Lansdowne Partners, with more than 25 years of experience in the financial sector. Marc is based in London.

About Net Interest:

Net Interest, authored by Marc Rubinstein, is a newsletter of insight and analysis from the world of finance. Enjoyed by the most senior executives and smartest investors in the industry, it casts light on this important sector in an easy-to-read style. Each post explores a theme trending in the sector. Between fintech, economics and investment cycles—there’s always something to talk about!

Members, log in below to access the restricted content.

Not a member?

Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Camila Russo on Her Book, The Infinite Machine

June 5, 2021 in Audio, Full Video, Interviews, Meet-the-Author Forum 2021

Camila Russo discussed her book, The Infinite Machine: How an Army of Crypto-Hackers Is Building the Next Internet with Ethereum, at MOI Global’s Meet-the-Author Summer Forum 2021.

The full session is available exclusively to members of MOI Global.

Members, log in below to access the full session.

Not a member?

Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

Our Meet-the-Author Summer Forum aims to inspire members with reading ideas.

We are delighted to have Alex Gilchrist, a London-based research associate of MOI Global, host the Meet-the-Author Summer Forum 2021.

This conversation is available as an episode of Explore Great Books, a member podcast of MOI Global. (Learn how to access member podcasts.)

About the book:

Written with the verve of such works as The Big Short, The History of the Future, and The Spider Network, here is the fascinating, true story of the rise of Ethereum, the second-biggest digital asset in the world, the growth of cryptocurrency, and the future of the internet as we know it.

Everyone has heard of Bitcoin, but few know about the second largest cryptocurrency, Ethereum, which has been heralded as the “next internet”. The story of Ethereum begins with Vitalik Buterin, a supremely gifted 19-year-old autodidact who saw the promise of blockchain when the technology was in its earliest stages. He convinced a crack group of coders to join him in his quest to make a super-charged, global computer.

The Infinite Machine introduces Vitalik’s ingenious idea and unfolds Ethereum’s chaotic beginnings. It then explores the brilliant innovation and reckless greed the platform – an infinitely adaptable foundation for experimentation and new applications – has unleashed and the consequences that resulted as the frenzy surrounding it grew: increased regulatory scrutiny, incipient Wall Street interest, and the founding team’s effort to get the Ethereum platform to scale so it can eventually be accessible to the masses.

Financial journalist and cryptocurrency expert Camila Russo details the wild and often hapless adventures of a team of hippy-anarchists, reluctantly led by an ambivalent visionary, and lays out how this new foundation for the internet will spur both transformation and fraud – turning some into millionaires and others into felons – and revolutionize our ideas about money.

About the author:

Camilla Russo is founder of The Defiant, a newsletter focusing on decentralized finance. Previously, she was a journalist for eight years at Bloomberg rotating between Buenos Aires, Madrid and New York. Camila covered Argentine, Market, European Stock, macroeconomics and cryptocurrencies. She holds an MSc from Northwestern’s School of Journalism and a bachelors from Pontificia Universidad Catolica de Chile. Camillar is author of The Infinite Machine the first book on the history of Ethereum, which was published by Harper Collins in July, 2020.

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June 4, 2021 in Twitter

Owen Walker on Built on a Lie: The Rise and Fall of Neil Woodford…

June 1, 2021 in Audio, Full Video, Interviews, Meet-the-Author Forum 2021

Owen Walker discussed his book, Built on a Lie: The Rise and Fall of Neil Woodford and the Fate of Middle England’s Money, at MOI Global’s Meet-the-Author Summer Forum 2021.

The full session is available exclusively to members of MOI Global.

Members, log in below to access the full session.

Not a member?

Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

Our Meet-the-Author Summer Forum aims to inspire members with reading ideas.

We are delighted to have Alex Gilchrist, a London-based research associate of MOI Global, host the Meet-the-Author Summer Forum 2021.

This conversation is available as an episode of Explore Great Books, a member podcast of MOI Global. (Learn how to access member podcasts.)

About the book:

The definitive account of the Neil Woodford scandal from the award-winning FT journalist who first broke the story. This is the gripping tale of Britain’s top investor’s fall from grace and the shattering consequences.

The proud owner of a sprawling £14m estate in the Cotswolds, boasting a stable of eventing horses, a fleet of supercars and neighbouring the royal family, Neil Woodford was the most celebrated and successful British investor of his generation. He spent years beating the market; betting against the dot com bubble in the 1990s and the banks before the financial crash in 2008, making blockbuster returns for his investors and earning himself a reputation of ‘the man who made Middle England rich’. As famous for his fleet of fast cars and ostentatious mansions, he was the rockstar fund manager that had the lifestyle to match. But, in 2019, after a stream of poorly-judged investments, Woodford’s asset management company collapsed, trapping hundreds of thousands of rainy-day savers in his flagship fund and hanging £3.6bn in the balance.

In Built on a Lie, Financial Times reporter Owen Walker reveals the disastrous failings of Woodford, the greed and opulence at the heart of his operation, the flaws of an industry in thrall to its star performers and the dangers of limited regulation. With exclusive access to Woodford’s inner circle, Walker will reveal the full, jaw-dropping story of Europe’s biggest investment scandal in a decade.

About the author:

Owen Walker is European banking correspondent at Financial Times and previously was their asset management correspondent. Owen was named joint business journalist of the year at the London Press Club awards 2020. Walker is an experienced, award-winning journalist, who has covered business and investment issues in the US, UK and continental Europe.

Larry Cunningham on Margin of Trust: The Berkshire Business Model

June 1, 2021 in Audio, Equities, Explore Great Books Podcast, Full Video, Interviews, Meet-the-Author Forum, Meet-the-Author Forum 2021, Meet-the-Author Forum 2021 Featured, Member Podcasts, Transcripts

Lawrence Cunningham discussed his book, Margin of Trust: The Berkshire Business Model, at MOI Global’s Meet-the-Author Summer Forum 2021.

Warren Buffett endorsed the book in his 2019 Letter to Shareholders:

“The two of us [Buffett and Munger] base our optimism upon five factors. First, Berkshire’s assets are deployed in an extraordinary variety of wholly or partly-owned businesses that, averaged out, earn attractive returns on the capital they use. Second, Berkshire’s positioning of its ‘controlled’ businesses within a single entity endows it with some important and enduring economic advantages. Third, Berkshire’s financial affairs will unfailingly be managed in a manner allowing the company to withstand external shocks of an extreme nature. Fourth, we possess skilled and devoted top managers for whom running Berkshire is far more than simply having a high-paying and/or prestigious job. Finally, Berkshire’s directors – your guardians – are constantly focused on both the welfare of owners and the nurturing of a culture that is rare among giant corporations. (The value of this culture is explored in Margin of Trust, a new book by Larry Cunningham and Stephanie Cuba that will be available at our annual meeting.)”

The following session offers a preview of our Meet-the-Author Summer Forum 2021, designed to provide summer reading inspiration to MOI Global members. We look forward to releasing additional conversations in the coming weeks.

Editor’s note: We are delighted to have Alex Gilchrist, a London-based research associate at MOI Global, host the Meet-the-Author Summer Forum 2021.

The full session is available exclusively to members of MOI Global.

Members, log in below to access the full session.

Not a member?

Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

This conversation is available as an episode of Explore Great Books, a member podcast of MOI Global. (Learn how to access member podcasts.)

About the book:

Warren Buffett and his company, Berkshire Hathaway, are legendary for their distinctive investing approach. Yet many equally unconventional but less well known aspects of Berkshire’s managerial practices and organizational structure are rich with lessons for those seeking to follow in Buffett’s footsteps. Margin of Trust is the first book to distill Buffett’s approach to management and corporate life. It provides a definitive analysis of the tenets of the Berkshire system, its costs and benefits, and how it can be adapted for other organizations.

Lawrence A. Cunningham and Stephanie Cuba develop a new account of how Berkshire Hathaway works, showing that the key to its success is trust. Profiling partnership practices and business methods, they contend that Berkshire’s distinguishing feature is a culture in which autonomy and decentralization are core management principles. Cunningham and Cuba provide instructive examples of how this model has been successfully adapted by other companies that share a faith in trust as an organizing principle. They also offer candid commentary on the risks of a trust-based approach and how to mitigate them. Margin of Trust features illuminating analysis of Buffett’s take on the role trust plays in business agreements, what Buffett looks for in great corporate boards, and what lies ahead for Berkshire after its iconic leader leaves the scene.

About the author:

Lawrence Cunningham is the Henry St. George Tucker III Research Professor of Law at George Washington University. He is the author of 20 corporate governance and investing books, including Berkshire Beyond Buffett: The Enduring Value of Values (Columbia University Press, 2014) and international best seller, The Essays of Warren Buffett: Lessons for Corporate America. Stephanie Cuba is a consultant in the fields of real estate investment and development. The two are married and previously jointly produced The Warren Buffett Shareholder. They live in New York City with their two daughters.

Larry is founder of the Quality Shareholders Group.

Ep. 43: The Big Ideas of Investing | A Case Study in Incentives

June 1, 2021 in Audio, Podcast, This Week in Intelligent Investing

It’s a pleasure to share with you Season 1 Episode 43 of This Week in Intelligent Investing, co-hosted by

  • Phil Ordway of Anabatic Investment Partners in Chicago, Illinois;
  • Elliot Turner of RGA Investment Advisors in Stamford, Connecticut; and
  • John Mihaljevic of MOI Global in Zurich, Switzerland.

Enjoy the conversation!

download audio recording

In this episode, Phil Ordway, Elliot Turner, and John Mihaljevic discuss

  • the “big ideas” of investing, i.e., what could be said about intelligent investing on a single piece of paper; and
  • the sale of Nuance to Microsoft as a case study in management incentives.

Follow Up

Would you like to get in touch?

Follow This Week in Intelligent Investing on Twitter.

Engage on Twitter with Elliot, Phil, or John.

Connect on LinkedIn with Elliot, Phil, or John.

This Week in Intelligent Investing is available on Amazon Podcasts, Apple Podcasts, Google Podcasts, Pandora, Podbean, Spotify, Stitcher, TuneIn, and YouTube.

If you missed any past episodes, you can listen to them here.

About the Podcast Co-Hosts

Philip Ordway is Managing Principal and Portfolio Manager of Anabatic Fund, L.P. Previously, Philip was a partner at Chicago Fundamental Investment Partners (CFIP). At CFIP, which he joined in 2007, Philip was responsible for investments across the capital structure in various industries. Prior to joining CFIP, Philip was an analyst in structured corporate finance with Citigroup Global Markets, Inc. from 2002 to 2005. Philip earned his B.S. in Education & Social Policy and Economics from Northwestern University in 2002 and his M.B.A. from the Kellogg School of Management at Northwestern University in 2007, where he now serves as an Adjunct Professor in the Finance Department.

Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy.

John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.

The content of this podcast is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this podcast. The podcast participants and their affiliates may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this podcast. [dkpdf-remove]

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Marc Rubinstein on Financial Sector Investing (Background Interview)

May 28, 2021 in Audio, Commentary, Equities, Financials, Gain Industry Insights Podcast, Interviews, Member Podcasts, Net Interest

We had the pleasure of speaking with Marc Rubinstein, author of Net Interest, a financial sector newsletter, about his path in investing and his thoughts on intelligent investing in the financial sector, including the impact of fintech.

Listen to the conversation (recorded on May 18, 2021):

audio series newsletter

This conversation is available as an episode of Gain Industry Insights, a member podcast of MOI Global. (Learn how to access member podcasts.)

About the Net Interest Audio Series:

MOI Global is delighted to engage in illuminating conversations on the financial sector with Marc Rubinstein, whose Net Interest newsletter we have found to be truly exceptional. Our goal is to bring you Marc’s insights into financial services businesses and trends on a regular basis, with Marc’s weekly essays serving as inspiration for our discussions.

About Marc Rubinstein:

Marc is a fellow MOI Global member, managing partner of Fordington Advisors, and author of Net Interest. He is a former analyst and hedge fund manager, most recently at Lansdowne Partners, with more than 25 years of experience in the financial sector. Marc is based in London.

About Net Interest:

Net Interest, authored by Marc Rubinstein, is a newsletter of insight and analysis from the world of finance. Enjoyed by the most senior executives and smartest investors in the industry, it casts light on this important sector in an easy-to-read style. Each post explores a theme trending in the sector. Between fintech, economics and investment cycles—there’s always something to talk about!

Members, log in below to access the restricted content.

Not a member?

Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

MOI Global